REQUEST FOR PROPOSALS TO PROVIDE
SPECIAL ALTERNATIVE INVESTMENT LEGAL COUNSEL
ISSUED BY THE OFFICE OF PENSIONS
FOR THE STATE OF DELAWARE

Executive Summary

The Delaware Public Employees’ Retirement System (“DPERS”) is issuing this Request for Proposal (RFP) through the Office of Pensions (referred to as “Office of Pensions”) for the State of Delaware. The Office of Pensions seeks to engage several law firms to act as Special Alternative Investment Legal Counsel (“Special Investment Counsel”) in connection with various aspects of the alternative investment program (“Alternative Investments”) of DPERS.

DPERS administers and manages nine retirement pension plans for the State of Delaware (“State”). At the end of Fiscal Year 2007, pensioners numbered 22,901, and monies from the nine plans, three post-retirement trusts, and one investment pool were commingled in a total System of $7.4 billion. Approximately fourteen percent of DPERS assets are currently invested in Alternative Investments of DPERS.

DPERS anticipates entering into negotiations with several law firms and intends to select more than one authorized Special Investment Counsel. As needed, from time to time, DPERS will engage one of the authorized Special Investment Counsel to provide legal services consistent with the scope of this RFP related to Alternative Investments.

This RFP will define the scope of the work to be performed, the requirements the vendor (“Vendor”) must address, the method for response and the administrative requirements that must be followed. DPERS will advise potential Vendors of changes to any dates as may be necessary. DPERS also reserves the right to modify and/or cancel this solicitation at any time during the RFP process.

This RFP will define the scope of the work to be performed, the requirements the Vendor must address the method for response and the administrative requirements that must be followed.

The Office of Pensions will advise potential Vendors of changes to any dates as may be necessary. The Office of Pensions reserves the right to modify and/or cancel this solicitation at any time during the RFP process.

All interested firms should submit 13 bound copies of their proposals (“Proposal”) to the contact person. Proposals may be mailed or hand-delivered for receipt no later than 3:00 p.m. EST on April 16, 2008 (“Closing Date”). All timely Proposals become the property of DPERS. Requests for extensions of the Closing Date will not be granted. Any Proposal, request for modification, or request for withdrawal received after 3:00 p.m. on the Closing Date is late and may not be considered. The Proposals may be delivered by Express Delivery (e.g., FedEx, UPS, etc.), U.S. Mail, or by hand. Proposals shall be submitted to:

       State of Delaware
       Office of Pensions
       RFP: Special Alternative Investment Counsel –
       Bid No. 042008AIC
       McArdle Building
       860 Silver Lake Blvd. Suite 1
       Dover, DE 19904

Each Proposal must be accompanied by a transmittal letter, which briefly summarizes the proposing firm’s interest in providing the required professional services. The transmittal letter must also clearly state and justify any exceptions to the requirements of the RFP, which the applicant may have taken in presenting the Proposal. DPERS reserves the right to deny any and all exceptions taken to the RFP requirements.

The cost of preparing Proposals will be borne solely by the offerors. Proposals shall to address all the questions posed by DPERS in the order in which they appear in this request.

RFP Designated Contact:

Please submit all questions and requests for information to:

       Cynthia L. Collins
       General Counsel to the Board of Trustees
       of the Delaware Public Employees' Retirement System
       Deputy Attorney General
       Office of Pensions
       RFP: Special Alternative Investment Counsel –
       Bid No. 042008AIC
       McArdle Building
       860 Silver Lake Blvd. Suite 1
       Dover, DE 19904
       Direct Dial: (302) 577-8405 or (302) 744-4450
       Fax: (302) 577-6630
       Email: cynthia.collins@state.de.us

Questions should be addressed to the contact person. All questions submitted, along with answers will be consolidated into a single Q&A document. The source of the questions will not be disclosed in the document. The Q&A document will be posted on the Office of Pensions website.